Resetting Days On Market (DOM) on an older listing

In the past few weeks I’ve gotten several calls from listing agents who want to reset the Days on Market (DOM) to zero on an existing listing by canceling the listing in MLS and then reentering the property into the MLS with a new ML number to “refresh” the listing.

The problem with this idea is that the Listing Date in the MLS must be the actual list date as it appears on your listing agreement, not the date that the property was input into the MLS system. So a property, reentered into the MLS under the same listing agreement, would still have the same list date, and DOM would not change. In order to change the DOM the listing agent and the sellers would have to sign an amendment cancelling the old listing agreement and then a sign a new listing agreement.

But these calls have gotten me thinking. What is the most effective way to give a boost in the MLS to a property that’s been listed for several months, and isn’t getting any showings? Does just reentering it as “new” without any other changes make a difference? Let me play devils advocate and argue all sides. And let us hear your ideas too.

On the plus side, reentering a listing makes it come up on the hotsheet again, and the automated searches it matches will all resend it to buyers and agents. But does that make a difference? I maintain several prospect searches as a way of monitoring the function of the MLS system. I see the same properties come, and go, and come back, with no substantial changes, and the same old photos. I think that agents and buyers, once they have seen a property, must immediately recognize a ‘redo’ that really hasn’t changed.

So, what other strategies can be used to perk up a tired listing. The first thing that comes to my mind is the old real estate saying, “There’s nothing wrong with any listing that a price reduction can’t fix.” Obviously not every listing agent is going to be able to convince their Sellers that a price reduction is a good idea, but there are other things a listing agent can do.

Look at your listing in MLS with a buyers’ eye. Does it look a little sparse? Make sure you provide the information buyers are looking for. Look at your pictures. Are they good photos, well composed and flattering to your property? Or do you only have 1 or 2 exterior shots? Get your sellers to declutter, restage, and take some new ones. Finally, some of the best agents are lousy photographers, get professional help where needed. When information or photos are missing, buyers think the worst.

What other strategies have you used on your older listings? Share with us what’s worked for you. We want to hear from you.
Happy Holidays
Shelley LaPaugh
MLS Director

GHAR = Go Hug A Realtor (Part II)

Welcome to part II of my Go Hug a Realtor blog post! Luckily it’s not all left brain work here at GHAR. I also spend time on the phone talking to Golf Club and Hotel Managers in the Farmington Valley trying to negotiate deals (sound familiar?) for upcoming West Region events. I try to think like REALTORS® when working on Regional events - would I have fun at this location, does this event add value to you as a member, etc. although working with my Committee can hardly be described as work! We meet, we laugh, we plan, we eat, and we create local opportunities for fellow REALTORS® to connect, be enriched, give back, and feel good about our contribution to the world.

Our signature Chocolate, Diamonds, and Champagne event might be the most entertaining thing I do for GHAR, definitely the most fun! It requires great teamwork and dedicated volunteerism, and the rewards are magnified by the fullness that comes with charitable giving. This year is no exception, so save the date now for Feb 10, 2011! REALTORS® from all around the Farmington Valley and beyond will be raising awareness and donations for Interval House, a domestic violence organization that provides shelter for battered women.

Since over 50% of our members are women and it is reported that 1 in 4 women will experience domestic violence over a lifetime, it’s very possible that … well you do the math…. and let’s not forget the children who witness abuse or the men who were taught that controlling others is acceptable. Anyway, if you know me, you know this issue is close to home and I can’t wait to raise the roof this coming February! If you want to get involved with this event, there are so many ways! You could bake a cake, or donate a silent auction item, or be a sponsor. Or, just plan on being there for a great time on February 10th! Click here for the sponsor form, and click here for the registration! See pictures from last year's party.

Okay, my pen is running out, but my enthusiasm is overflowing. REALTORS® are the best, and I would Go Hug A Realtor any day, (well not really), but seriously –tell me what’s happening out there in your daily life as a REALTOR®, what’s not getting enough attention, who’s not following the Code of Ethics, what forms do you need, what kind of parties/excursions/classes you want. I want to know!

BTW - Happy Thanksgiving!
Till next time.....
Susy

Your Time is Valuable

Your time is valuable is the most important thing I have learned at GHAR and I remind myself of it everyday. I have had the opportunity to work with many volunteer leaders through the various committees that I serve. With each group, new learning experiences and new opportunities unfold while developing programs to fill the needs of our membership. What is most impressive is the valuable time invested by the volunteers, which helps us to achieve our committee objectives.

Currently, I serve as a liaison to the Commercial Council Committee for GHAR. We recently hosted National Speaker Andrew Zezas through a grant from NAR’s Signature Series. What a great National Speaker! We will be sure to host another signature series event next year! Andrew discussed Tenant Representation material with a room full of our commercial REALTORS®. Feedback from our members is so important, which is why we send surveys after each event. We received some wonderful responses and I’d like to share them with you:

“Andrew is a dynamic speaker and I always find it great to attend continuing education that helps in the commercial world.”

“He was very knowledgeable and informative. I picked up a couple of good ideas I can use.”

“Class act” and “Great Program”

One of my biggest rewards as a staff liaison to this dedicated group of volunteers is that they have a wonderful experience. I am truly grateful for the learning opportunities provided to me by our volunteer leaders and the time that you give. You do make a difference. If you haven’t volunteered and would like to, there’s still time to sign up for 2011! This is your association and we want your voice to be heard!

One last note… to show our gratitude for your valuable time, please join us for our annual Holiday and Volunteer Appreciation Party – complete with cocktails and delicious food at the Hartford Golf Club on December 9th. Sign up here: http://www.gharonline.com/pdf/Event_Holiday_Registration.pdf. The event is open to everyone but our volunteers can’t beat the price! It’s free for all of the GHAR committee members so please attend and enjoy. I hope to see you there!

Gina Micelotta
Director of Member Services

Do you have a business plan?

Dear Members,

October and November are busy months for us at GHAR! As the largest local association in CT and the second largest local association in New England, we are organized like a business. That means we also plan like one. This is the time of year that we get budgets squared away, we approve plans for 2011, and we transition to 2011 leadership. We do all of this to help you be successful during the coming year.

The strategic or business plan is the ‘brain’ part of the Association. It’s our guide throughout the year so that we make sure our goals are met. Most experts agree that behind every successful business, there is a plan. I’ve been actively meeting with our the Leadership Team, our Board of Directors and committees to identify some of the best ways to help you to improve your business. Below are just a few ideas our leadership has brainstormed:

• Enhancing the value of your membership in GHAR by providing new products and services.
• Building relationships with other housing related organizations and associations
• Identifying areas of knowledge that are necessary for members to be successful as the marketplace evolves
• Formulating an awareness for the need for enhanced professionalism in the real estate profession
• Finding ways to build our influence throughout the Greater Hartford community

These are high level ideas and we are working hard to come up with creative ways to implement all of them. As a REALTOR® and small business owners, do you have a business plan for the upcoming year? Here's an interesting article that discusses this very topic: www.marketing-tools-for-real-estate.com/Realtor-Business-Plan.html. If you have a plan, tell us about it! We’d love to have you share with our readers and give us some feedback about what you do to make your business successful.

-Jeff Arakelian

Volunteers = Awesome

Finally, it’s my turn again and boy, have I got stuff to tell you! First, I’m going to let you in on a secret. As fun as writing press releases, newsletters, and email blasts can be… nothing gets my blood pumping like working with the Community Involvement Committee! There. I said it. It’s true that a majority of my duties deal with writing but the things GHAR has accomplished through getting out and helping communities really makes me proud. I hope after reading this post, you’ll be proud, too!

Wednesday, September 29th, marked the first GHAR-organized REALTOR® volunteer day with Habitat for Humanity. What a day! The weather was picture perfect and our 13 volunteers were ready help build not only a house, but a community. 16 Sexton St. in New Britain was our ‘office’ for the day and we eagerly picked up paint brushes, screw drivers and safety goggles instead of a cell phone, a pen or a laptop. It still warms my heart to think about REALTORS® coming together to help put finishing touches on a neighborhood that is in need of just that type of special attention.

 

We painted trim, hung blinds, shoveled gravel, stacked boards, vacuumed floors and left with a satisfied smile because we were able to give back. So often it seems that REALTORS® are thought of in terms of commission rates but not on that day. Nope, on that day we were able to show a community that REALTORS® are so much more! That is what makes me so proud not only to work at GHAR but also to be a part of the Community Involvement Committee.

Stay tuned for more great things from this committee like the upcoming Foreclosure Prevention forum that is paid for by grant money received from NAR. It’s open to the public so please help spread the word! GHAR is hosting a free seminar at our headquarters taking place this Saturday, October 9th, at 11am. We have foreclosure experts speaking and lawyers volunteering their time to help anyone with questions about this very complicated process.

So... are you proud yet? :)

Special thanks to: Linda Berkowitz, Prudential CT Realty; Shelley Gentile, Prudential CT Realty; Arlevia Williams, CHFA; Nelly Kinahan, Prudential CT Realty; Gene Bolles, Prudential CT Realty; Lisa Lepore, ERA Broder Group; Brenda Baldino, ERA Broder Group; Jeremy Joslin, Coldwell Banker; Eve Stricklett, Wiliam Raveis; Marianne Latimer, Prudential CT Realty; Thomas Burr, William Raveis

Technology That Helps Your Business

Hi, I’m Christian, the Director of Information Technology for GHAR. I’m the official techie for the Association and it’s my duty to keep the network at our office running smoothly. When Keara, our Communications Director asked to me write something for the blog, I pondered what should I write about since Technology encompasses a wealth of information.

I thought about writing commentary on what’s going on in the tech world, writing reviews of products I personally purchased, or providing instructions on how to accomplish something. I decided not to write about news items because my turn to write for the blog comes up every six weeks or so and that wouldn’t be timely. Now I’m left to either writing how-to’s or reviews and I thought there are plenty of those types of blogs on the Internet already.

I looked at a number of technology blogs to see what other techies were writing. The publications I read published by MIT (Cambridge, MA) and IEEE (a professional association dedicated to advancing technological innovation) are great, but they’re geared for academics, scientists and engineers.

So I thought I would share a few of my favorite technology blogs for the average person: “All Things Digital” written by Walter Mossberg and Kara Swisher for the Wall Street Journal, “Pogue’s Posts” written by David Pogue and “Bits” written by eleven contributors for the New York Times. What’s great about these blogs is that these authors write so that everyone can understand.

On my quest to find a technology blog that relates to the real estate industry, I found a technology blog on NAR’s website. On their blog was “a quick fun video created” at the NAR convention held last year in San Diego “about technology and its role on the member” called “How Technology Affects You!” published by Chris McKeever.

If you’re interested in making technology work for you as a real estate professional, there’s a great conference recommended by Todd Carpenter; author of the “Geek’s Guide to #NARdiGras.” The two-day conference, REtechSouth will be held next Spring in Duluth, Georgia (near Atlanta). It’s for “real estate industry professionals looking to incorporate new technologies and best practices of existing technologies into their overall business strategy.” National instructor, Amy Chorew, will speak at REtechSouth. If you can’t attend the conference, go to the West Region event “Leverage Your Listings: Get More In Return For Your Online Marketing” where she will instruct this CE elective on November 12th at the Golf Club of Avon.

If you have a radio, tune in to the weekly radio show REtechRadio. “It’s a fast paced 30 minutes of real estate technology tips, insight, interviews, and conversation” hosted by Ken Cook on Thursdays at 12:00 pm EST.

REtechSouth and RETSO the robot can be found on Facebook.

MLS Answers from the MLS Director

I’m Shelley LaPaugh, Director of MLS for GHAR and this is my very first attempt at a blog entry. I hope to be blogging regularly and I am looking forward to reading your questions and comments!

I’ve been in the real estate business for 23 years, ten as a practicing REALTOR® and thirteen with GHAR handling MLS issues. I am also the staff liaison to the South Region Committee, which bring classes, events, and programs to local venues south of Hartford. But, my main focus is providing support for all things MLS to you, our members.

I get calls from some of you everyday about a range of MLS topics; from Legal questions to “MLS won’t let me in!” Just today I received an interesting call I’d like to share with you.
An agent wanted to put MLS listings on a personal website. The agent had spoken to other agents (who already had listings on their websites) and asked them how they did it. Then, after the agent followed the advice, months were spent on getting written approval from the company broker to get an internet data exchange (IDX) data feed from MLS.

Unfortunately, this agent wasted a lot of time and effort, because the other agents must have set up their websites years ago and didn’t know that the technology and the rules had changed. Today adding MLS data to either your MLXchange website or an independent website is simple. Your personal link to a frameable IDX site already exists under your website settings on MLXchange. Just go to Settings/Personalize/Website Management and then click on the Website domain button. A list of the URLs is displayed there.

Getting information from your fellow REALTORS® is great. There is a wealth of experience there just waiting to be tapped. But, when dealing with MLS issues, it’s best to refer to GHAR. Don’t waste your precious time! We have up-to-date information that will help you navigate the MLS, and everything it has to offer, that will help make your business more efficient.